real estate for sale

Nashville homes are selling faster than in any other major market, according to a RE/MAX report for March.  

Homes in the city were on the market, on average, for 11 days, the real estate company found. That was the shortest time among the cities analyzed, topping Seattle at 12 days and Omaha, Nebraska, at 13 days. Nationally, the average home was on the market for 31 days.  

Nashville’s time-on-market — measured by the period between when a property is listed and when it lands a contract — also dropped more than 40 percent from March 2021, when the average home was on the market for 19 days. The median sales price in Nashville also topped $430,000 in March, and active housing inventory and home sales are both down.  

"As buyers receiving financing become more relevant to sellers, it’s more important than ever to have a strong pre-qualification or commitment letter from your bank/mortgage broker, “ Jeff Checko, of RE/MAX’s Nashville-based The Ashton Real Estate Group, said in a release. “On an inventory note, there seems to be some light at the end of the tunnel, as some areas have homes for buyers to consider. In recent months, there have been out-of-town visitors with literally nothing to see, so being able to get out in the field and show some options is a welcome change."

Meanwhile, Zillow found that the average monthly mortgage payment is rising quickly. In Nashville, the real estate company found, the average monthly mortgage payment of $1,650 was up more than 50 percent from the marks of March 2021 to March 2022. That increase was among the highest in the nation, trailing those of just Tampa, Las Vegas, Austin and Raleigh.  

Zillow also reported that for-sale inventory in Nashville dropped more than 32 percent from March 2021 to March 2022.  

"Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking," said Jeff Tucker, Zillow senior economist. "Record low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly. March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was 'So far, yes.' There will be a point when the cost of buying a home deters enough buyers to bring price growth back down to Earth, but for now, there is plenty of fuel in the tank as home shopping season kicks into gear."